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Weekly Market Recap: Telecom Edition

A Foolish rundown of the top stories in telecom this week.

Don't worry if you missed your dose of telecom news during the week -- we're here each Friday with a slightly irreverent recap of the hippest happenings in telecom.

Finding FinlandIn a bold move -- even for a cash-rich giant with billions in the bank -- Espoo-based Nokia (NYSE:NOK) opened the week by offering $8.1 billion for mapping data provider Navteq (NYSE:NVT). In related action, the market promptly dumped Garmin (NASDAQ:GRMN) stock by more than 10%, as the company relies heavily on Navteq data for its navigation devices. Nokia is busy expanding into the mobile services business and sees location applications as a key component to its future.

Windbag award of the week"It will kill the iPhone." Write those words on a sticky note and check the score a year from now to see if Mike Lanman, chief marketing officer for Verizon Wireless (a joint venture between Verizon Communications (NYSE:VZ) and Vodafone), was correct. Verizon launched its salvo against the Apple (NASDAQ:AAPL) iPhone this week; its arsenal included a cool new LG smartphone dubbed Voyager. While the device has the iPhone beat on features and will help Verizon boost its share of gadget freaks, I'm still hedging on the Apple brand staying strong. Even if Lanman made the statement wearing a black turtleneck, few consumers will be fooled into giving up allegiance to their true leader.

Smartphones galoreAnother benefactor of the iPhone Age is Blackberry maker Research In Motion (NASDAQ:RIMM). The Canadian company wowed the Street with earnings and revenue that both doubled from last year, showing strong adoption for consumer versions of what was once considered only a business tool, particularly in international markets. I think RIM co-CEO Jim Balsillie owes Steve Jobs a nice dinner for helping the mass market think it's OK to shell out more for a mobile device than they spend on eye surgery.

It doesn't get any better than this ...A New York woman was so iRate over the recent $200 price cut on the iPhone, she's suing Apple and AT&T (NYSE:T) for $1 million. Oh, the humanity!

Fool contributor Dave Mock tried to do a back flip once ... once. He owns shares of Garmin. Dave is the author of The Qualcomm Equation. Vodafone is an Inside Value recommendation. Garmin is a Stock Advisor recommendation. The Fool's disclosure policy eats Kryptonite for breakfast.